2026-11-13 — Scrap Metal Market Update: Precious Metals Slide While Steel Holds Steady

Scrap Metal Market Update: Precious Metals Under Pressure as Dollar Strengthens

Date: November 13, 2026 — If you're sitting on unpriced non-ferrous inventory right now, this briefing is for you. Precious metals are selling off hard, copper is near its 30-day floor, and silver is leading the decline across the board. Meanwhile, steel and ferrous scrap are holding their ground, and aluminum is quietly supported by tight physical supply. Here's what's moving the market and what you should do about it.

What's Driving the Selloff?

Three macro forces are hitting dollar-priced metals at the same time. The U.S. dollar is strengthening, interest rates remain elevated, and markets are pricing in another Federal Reserve rate hike. When the dollar climbs, commodities priced in dollars become more expensive for international buyers — and demand softens. That dynamic is squeezing gold, silver, platinum, palladium, and copper simultaneously.

Copper is facing an additional headwind that's specific to 2026 market conditions: growing concern that the ongoing AI-sector selloff could slow investment in data centers and power infrastructure. Those sectors had been a major pillar of copper demand growth. If that buildout slows, the demand picture for copper weakens — even though physical supply remains tight.

Metal-by-Metal Breakdown

Precious Metals: Bearish Across the Board

Silver is the standout laggard, down 10.6% over the past 30 days and posting a brutal five-day momentum reading of -4.22%. That's the weakest short-term reading among all the metals we track. Gold is also lower, off 5.5% over 30 days, though it remains somewhat cushioned by central bank buying and safe-haven demand. Platinum has shed 6.0% and palladium is down 8.0% — both reflecting weaker automotive sector sentiment and the broader precious metals selloff.

Copper: At the Bottom of Its Range

Copper has dropped 7.0% over the past 30 days, landing near $6.16/lb — the low end of its recent trading range. That's a meaningful move in a short window. The bearish macro environment is clearly winning right now, even though underlying supply fundamentals remain supportive. This is a tricky spot: cheap enough that panic-selling everything at once may not be wise, but risky enough that holding large unpriced positions is a real gamble.

Industrial Metals: A Mixed Picture

Not everything is red. Nickel is actually up 3.6% over the past 30 days, and aluminum is roughly flat, edging up just 0.5%. Don't let aluminum's flat benchmark price fool you, though — physical inventory levels on major exchanges are very low, and tight supply is providing a floor. Lead and zinc are slightly lower but relatively stable. The ferrous side of the market — steel and shredded scrap — hasn't moved at all over the 30-day period, which is good news for yards with ferrous exposure.

Key Takeaways

• Silver is the most urgent: Down 10.6% in 30 days with accelerating short-term momentum. Lock in pricing when margins are acceptable — don't wait for a bounce that may not come soon.
• Copper is near its floor but still risky: Consider staggered sales rather than holding or liquidating all at once. Avoid building up unpriced copper inventory in this environment.
• Palladium and platinum: move confirmed loads promptly. Automotive catalyst material, in particular, should not be sitting on the shelf. Both metals are trending lower.
• Gold is more stable than it looks: Central bank demand is providing some support. Use firm bids and avoid speculative accumulation, but there's less urgency here than with silver.
• Aluminum has hidden strength: Flat price, tight physical market. Segregate clean, high-grade aluminum from mixed or contaminated material to protect premiums.
• Ferrous is your safe harbor: Steel and shredded scrap prices are unchanged. No immediate pressure to move ferrous material at unfavorable terms.
• Nickel is the quiet outperformer: Up 3.6% — the only major non-ferrous metal in positive territory over the past 30 days.

What This Means for Scrap Sellers

The core message for scrap yard operators right now is simple: prioritize cash flow over inventory accumulation. Holding exposed, unpriced non-ferrous metal in a falling market is a margin risk you don't need to take. That doesn't mean panic-selling everything — staggered sales and firm bids are smarter than a fire sale. But the market is telling you clearly that patience is not being rewarded on precious metals or copper right now.

At the same time, don't treat every metal the same. Aluminum's tight physical conditions and nickel's positive momentum mean selective opportunities still exist. Know what you're holding, grade your material carefully, and get competitive bids before you commit to a price.

Ferrous sellers have the most breathing room. Steel and shredded scrap stability means you can afford to be patient and wait for the right offer rather than moving material under pressure.

Get Competitive Bids on SmashScrap.com

In a market this volatile, the worst thing you can do is accept the first offer you receive. SmashScrap.com puts your scrap in front of a nationwide network of verified buyers competing for your material — so you get real market value, not just the number someone on the phone is willing to give you. Whether you're moving copper, catalyst material, aluminum, or ferrous scrap, listing on SmashScrap takes minutes and gives you the competitive edge you need when margins are tight. List your material today at SmashScrap.com and let the market work for you.